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LCOOCC Fiscal Policy and Procedures

  Click HERE to view the form associated with this policy.

GENERAL STATEMENT
1.01 This policy requires that all grant directors seek, and obtain, written approval from their supervisor before making specific types of changes within a grant   The purpose of this system is to ensure that 1) all grant actions and expenditures are consistent with the terms and conditions of the award, as well as with the policies of the awarding agency and LCOOCC, 2) any changes that may be made do NOT constitute a change in the scope of the project, and 3) any deviation from the budget approved by the awarding entity is necessary and reasonable for the accomplishment of project objectives and is allowable under the applicable federal cost principles.

POLICY STATEMENT

2.01  Grant directors must abide by this procedure for obtaining written approval from their LCOOCC supervisor before any of the following changes are enacted:

• the expenditure of project funds for items that, under the applicable cost principles, (OMB Circular A-21), normally require prior agency approval (e.g., foreign travel, equipment purchase and publication/printing costs not part of the originally approved budget);

•  the extension of a grant period;

•  incurring of project costs prior to the beginning date of an award;

•  budget revisions that involve the transfer of funds between budget categories; and

• any modifications to the stated goals and objectives of the original proposal.

An acceptable Prior Approval System must include the following:

• the procedure for review of proposed changes must be in writing;

• proposed changes must be reviewed at a level beyond the grant director; and,

• whenever changes are approved, the grantee must retain documentation of the approval for three years following the submission of the final financial report.

A grant director may also need to seek approval from the sponsoring entity for a change that has been approved through this policy.  For any changes to a grant that do require sponsoring agency approval, written documentation of that approval will be placed in the official grant/contract file in the LCOOCC Business Office.  It is the responsibility of the grant director to ensure that this takes place.

The Prior Approval Form is to be completed, and the signature of the grant director’s supervisor obtained, before any of the changes, as outlined above, are enacted.

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